Bidirectional Electric Vehicle Charger Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Bidirectional electric vehicle chargers refer to advanced charging systems capable of replenishing electric vehicle batteries and allowing energy to flow from the vehicle back to the grid or to power other devices. These chargers enable vehicle-to-grid (V2G) capabilities, enhancing the flexibility and efficiency of electric vehicle charging infrastructure.

Sizing and Forecast
The bidirectional electric vehicle charger market size has grown rapidly in recent years. It will grow from $0.87 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%.  The growth in the historic period can be attributed to government initiatives for the development of electric vehicle charging infrastructure, raising demand for electric automobiles, increase use of EV for public transportation, demand for energy-efficient charging solutions, advent of intelligent transportation systems.

The bidirectional electric vehicle charger market size is expected to see rapid growth in the next few years. It will grow to $2.02 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.  The growth in the forecast period can be attributed to growing numbers of electric vehicles worldwide, raising EV charging infrastructure, need for renewable sources of power and energy, increasing consumer awareness about sustainable mobility, increasing sales of electric vehicles. Major trends in the forecast period include shift towards renewable energy-based transportation infrastructure, technological advancements in energy storage, expansion of electric vehicle charging networks, integration of bidirectional charging in renewable energy projects, advancements in battery technology.

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Segmentation & Regional Insights
The bidirectional electric vehicle charger market covered in this report is segmented –
1) By Charging Type: Less than 20 kWh, 20-40 kWh, 40-100 kWh, More than 100 kWh
2) By Propulsion Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Source: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Vehicle-To-Grid (V2G), Vehicle-To-Home (V2H), Other Applications
5) By Deployment Of Charger: Domestic, Commercial

Asia-Pacific was the largest region in the bidirectional electric vehicle charger market in 2023. The regions covered in the bidirectional electric vehicle charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing adoption of electric vehicles is expected to propel the growth of bidirectional electric vehicle charger markets going forward. Electric vehicles (EVs) refer to vehicles powered by electricity stored in rechargeable batteries, eliminating the need for traditional internal combustion engines and reducing reliance on fossil fuels. The increasing adoption of electric vehicles is due to technological advancements that enhance battery life, charging infrastructure, and overall performance. Bidirectional charging allows electric vehicles (EVs) to engage with the electrical grid in a dynamic and adaptable way. During high demand or grid instability, EVs can return surplus energy to the grid, offering ancillary services like frequency regulation, peak shaving, and demand response. For instance, in April 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, in 2022, the proportion of new car sales represented by electric vehicles rose to 14%, a significant increase from approximately 9% in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the bidirectional electric vehicle charger market.

Key Industry Players
Major companies operating in the bidirectional electric vehicle charger market are Volkswagen Group, Mercedes-Benz AG, Bayerische Motoren Werke AG, Hyundai Motor Company, Honda Motor Co. Ltd., Tesla Inc., Hitachi Ltd., Siemens AG, Audi AG, BYD Company Limited, Panasonic Corporation, Renault S.A., Schneider Electric SE, ABB Group, Eaton Corporation plc, Check Point Software Technologies, LG Electronics Inc., ChargePoint Inc., EVBox Group, Tritium Pty Ltd, Blink Charging Co., Mitsubishi Electric Corporation, Toyota Industries Corporation, Nissan Motor Corporation, Delta Electronics Inc.

The bidirectional electric vehicle charger market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
………..
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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